大类资产早报-20251225

Report Information - Report title: "Big Asset Morning Report" - Report date: December 25, 2025 - Report team: Macro Team of the Research Center [1] 2. Global Asset Market Performance 2.1 Bond Market - 10 - year Treasury Bonds: The latest yields of 10 - year Treasury bonds in major economies are as follows: US 4.136%, UK 4.504%, France 3.561%, Germany 2.861%, Italy 3.550%, Spain 3.286%, Switzerland 0.293%, Greece 3.444%, Japan 2.042%, Brazil 6.159%, China 1.835%, Australia 4.740%, New Zealand 4.448% [2] - 2 - year Treasury Bonds: The latest yields of 2 - year Treasury bonds in major economies are: US 3.506%, UK 3.721%, Germany 2.140%, Japan 1.098%, Italy 2.261%, China (1 - year yield) 1.336%, Australia 4.031% [2] 2.2 Exchange - rate Market - USD against Major Emerging - economy Currencies: The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.540, South Africa (zar) 16.665, South Korea (won) 1446.900, Thailand (baht) 31.022, Malaysia (ringgit) 4.047. The latest rates of on - shore RMB, off - shore RMB, RMB central parity rate, and RMB 12 - month NDF are 7.016, 7.007, 7.047, and 6.886 respectively [2] 2.3 Stock Market - Major Economies' Stock Indexes: The latest values of major economies' stock indexes are: S&P 500 6932.050, Dow Jones Industrial Average 48731.160, NASDAQ 23613.310, Mexico Stock Index 65616.430, UK Stock Index 9870.680, France CAC 8103.580, Spain Stock Index 17172.900, Russia Stock Index (not available), Nikkei 50344.100, Hang Seng Index 25818.930, Shanghai Composite Index 3940.947, Taiwan Stock Index 28371.980, South Korea Stock Index 4108.620, India Stock Index 8537.911, Thailand Stock Index 1275.330, Malaysia Stock Index 1678.310, Australia Stock Index 9068.961, Emerging - economy Stock Index 1392.070 [2] 2.4 Credit - bond Market - Credit - bond Indexes: The latest values of credit - bond indexes are: US investment - grade credit - bond index 3545.840, Euro - zone investment - grade credit - bond index 265.380, emerging - economy investment - grade credit - bond index 290.210, US high - yield credit - bond index 2909.190, Euro - zone high - yield credit - bond index 409.840, emerging - economy high - yield credit - bond index 1822.849 [2] 3. Stock - index Futures Trading Data 3.1 Index Performance - The closing prices of A - share, CSI 300, SSE 50, ChiNext, and CSI 500 are 3940.95, 4634.06, 3025.18, 3229.58, and 7352.04 respectively. The percentage changes are 0.53%, 0.29%, - 0.08%, 0.77%, and 1.31% respectively [3] 3.2 Valuation - The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX are 14.11, 11.78, 33.37, 27.69, and 18.84 respectively. The环比changes are 0.02, - 0.02, 0.41, 0.09, and 0.00 respectively [3] 3.3 Risk Premium - The risk premiums (1/PE - 10 - year interest rate) of S&P 500 and Germany DAX are - 0.52 and 2.45 respectively. The环比changes are 0.02 and 0.00 respectively [3] 3.4 Fund Flow - The latest values of fund flow in A - share, main board, ChiNext, and CSI 300 are 626.94, 328.21, 247.71, and 85.15 respectively. The 5 - day average values are - 22.94, - 42.38, 19.99, and 73.46 respectively [3] 3.5 Transaction Amount and Basis - The latest transaction amounts of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized board, and ChiNext are 18802.68, 4063.76, 912.64, 3992.53, and 5025.69 respectively. The环比changes are - 195.73, - 267.65, - 192.06, 102.09, and 88.86 respectively. The basis of IF, IH, and IC are - 39.06, 1.82, and - 111.64 respectively, with the corresponding basis spreads of - 0.84%, 0.06%, and - 1.52% [4] 4. Treasury - futures Trading Data - The closing prices of T2303, TF2303, T2306, and TF2306 are 108.23, 106.03, 108.23, and 106.02 respectively. The percentage changes are 0.01%, 0.00%, 0.01%, and - 0.01% respectively. The funding rates of R001, R007, and SHIBOR - 3M are 1.3568%, 1.5198%, and 1.6000% respectively, with the daily changes of - 14.00 BP, 2.00 BP, and 0.00 BP [4]